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Bad Earnings Report for 500.com
Thursday, February 25, 2016 : ASIAN ONLINE LOTTERY SUFFERS ANOTHER BAD YEAR
500.com continues to be hobbled by Chinese crackdown on corruption.
The Chinese online lottery 500.com continued to be hobbled by the widespread Chinese crackdown on corruption last year, posting a disappointing 82.8 decline in net revenue at RMB99.6 million ($15.4 million) for FY-2015.
Operating losses continued, resulting in an alarming 301.6 percent y-o-y decline to a loss of RMB301.4 million compared with an operating profit of RMB149.5 million in 2014.
Net losses were recorded at RMB323.9 million.
Reporting on the "temporary" suspension of online lottery operations imposed by the Chinese government last March, Zhengming Pan, CEO of 500.com commented:
“We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the fourth quarter and full year of 2015.”
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NBA Odds: Resurgent Clippers Face Warriors in Oakland -
After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursdayís game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.
PokerStars.CZ has launched in the Czech Republic -
PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republicís new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.
Sunbets to Sponsor Sutton United -
Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.
Time is Money Slot Launches -
Set to a catchy tune, Time is Money offers a free spins bonus where all wins are multiplied by up to x12 by a random multiplier, selected from the time traveling clock.
ArenaCube Signs 3 New Deals -
Under their strategic partnership, ArenaCube and Kiron will develop and launch a new version of Arena Challenge in 2017. The new version of the game will carry Kironís virtual content.
First Woman to Win a WPT Playground Championship -
Besting a field of 380, in the C$3,500 buy-in event, Zajmovic beat Jean-Francois Bouchard in heads up play, pocketed the C$261,000 first prize and a seat in the season ending WPT Tournament of Champions.
NHL Odds: Oilers-Blackhawks at the United Cente -
Fans at the United Center will be treated to a potential Western Conference playoff preview this Saturday when the upstart Edmonton Oilers visit the Chicago Blackhawks. The puck drops at 7 PM ET on WGN.
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